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Supports: 123.96; 123.43; 123.24
Outlook
The bearish tendency, which started a week ago, has finally ended, as today the GBP/JPY currency pair experienced a significant bullish correction and the price has already managed to reach the previous weekly high at 124.61. As for now, the price has already touched the weekly PP at 124.62, and the currency couple is heading towards the monthly R1 at 124.97, which might slow down the uptrend. In case it fails to stop the rally, then next resistance at 125.40 (200-day SMA) is very likely to bring some bearish momentum. Moreover, RSI indicator shows neutral signal, therefore the currency pair is neither over-bought nor over-sold at the particular moment.
Traders' sentiment
Traders at SWFX market expect the British Pound to gain value against the Japanese Yen, as 60% of traders hold long positions and only 40% of traders hold short positions.The orders are distributed in a rather similar manner, since 69% of traders ordered to buy and only 31% ordered to sell the sterling.